December 15, 2017 / 12:15 PM / 6 months ago

BRIEF-REG-Marathon Petroleum And MPLX LP to Exchange MPC's General Partner Economic Interest

Dec 15 (Reuters) - Marathon Petroleum Corp:

* REG-MARATHON PETROLEUM CORP. AND MPLX LP ANNOUNCE AGREEMENT TO EXCHANGE MPC’S GENERAL PARTNER ECONOMIC INTERESTS, INCLUDING IDRS, FOR MPLX COMMON UNITS

* MARATHON PETROLEUM - TO EXCHANGE GP ECONOMIC INTERESTS IN MPLX FOR 275 MILLION NEWLY ISSUED MPLX UNITS VALUED AT ABOUT $10.1 BILLION

* MARATHON PETROLEUM - EXCHANGE IS EXPECTED TO BE ACCRETIVE TO DISTRIBUTABLE CASH FLOW ATTRIBUTABLE TO COMMON UNITHOLDERS IN Q3 AND FOR FULL YEAR 2018

* MARATHON PETROLEUM - UPON DEAL CLOSING, CO TO CONTINUE TO CONTROL MPLX THROUGH OWNERSHIP OF NON-ECONOMIC GP INTEREST IN MPLX

* MARATHON PETROLEUM - UPON CLOSING, MPC TO CONTINUE TO CONTROL MPLX VIA OWNERSHIP OF NON-ECONOMIC GP INTEREST IN MPLX

* MARATHON PETROLEUM - UPON CLOSING, MPC TO OWN APPROXIMATELY 64 PERCENT OF OUTSTANDING MPLX COMMON UNITS

* MARATHON PETROLEUM​-TO WAIVE PORTION OF Q4 LP DISTRIBUTIONS ON NEW UNITS OVER WHAT WOULD HAVE BEEN DISTRIBUTABLE TO CO FOR GP INTERESTS ABSENT THE DEAL Source text for Eikon: Further company coverage:

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